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Nigeria in 1min: Economic, Business and Financial Headlines – 220118

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January 22, 2018 10:00 AM / Proshare News 

PROSHARE ECONOMY

What To Expect From The Markets This Week- 220118 - According to the FMDQ, the total amount of foreign exchange (FOREX) traded in the month December 2017 stood at $12.86 billion, a 14.7% slip compare to the previous month of November. Source Proshare Read More 

Code of Practice for Official Statistics in Nigeria - Official statistics is fundamental to development planning, good government, delivery of public services and effective decision-making in all sectors of the society. Statistics provides information to all stakeholders and the public with performance on the different sectors of the society and the economy as well as the performance of government. Source Proshare Read More 

National Strategy for The Development of Statistics In Nigeria 2017-2021 - Every country needs to describe its social, demographic, economic and environmental conditions to create knowledge on society which is a prerequisite for forming opinion and making political decisions on a sound basis Source Proshare Read More 

FG, states to spend 53% of N17.5tr budgets on salaries - More than half of the N17.5 trillion total budgets of federal and state governments will be spent on salaries and overheads this year, according to Daily Trust investigations. Source Guardian Read More 

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PROSHARE REGULATORS

Emefiele Allays Fears Over MPC; Says Economy Remains Strong - The Governor, Central Bank of Nigeria (CBN), Mr Godwin Emefiele has stepped in to douse fears over to the inability of the Central Bank of Nigeria (CBN) to hold January 2018 Monetary Policy Committee (MPC) meeting due to lack of statutory quorum as specified in the CBN Act 2007. Source Proshare Read More

FRC to unveil draft national governance code in March - Financial Reporting Council (FRC) of Nigeria said it has received a mandate to unveil the first of three phases of the National Code of Corporate Governance by the end of the first quarter of 2018. Source Guardian Read More 

Micro-insurers must deposit 10% minimum capital with CBN — NAICOM - THE National Insurance Commission, NAICOM, has said that prospective microinsurers must maintain a statutory deposit of 10 percent of the minimum capital requirement with the Central Bank of Nigeria Source Vanguard Read More 

PROSHARE MARKETS

Stock Market Resumes Uptrend as NSEASI Closes Above 45,000bpts Psychological Line - Equities market closed today on a negative note, as NSEASI appreciated by +0.54% to close at 45,092.83. basis points as against -0.08% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at +17.91% Source Proshare Read More 

NASD USI Up by 2.00% WoW - NASD closed its trading day on Friday 19, January, 2018 higher compared to last Friday. The Market Capitalisation increased 2% this week, closing higher at N415.33 billion against N405.62 billion previously. The NASD USI also increased by 2% this week, closing at 613.73 points, as against 599.38 points last Friday. Source Proshare Read More 

Slight Uptick in Bond Yields amid MPC Uncertainties - The bond market traded on a slightly bearish note, with some sell witnessed on the 2021 and 2027 bonds. Yields consequently rose by 8bps to 13.38% on average. Source Proshare Read More 

Sterling Bank to seek for non-interest banking license - CEO - The outgoing Managing Director/Chief Executive Officer of the Sterling Bank Plc, Mr. Yemi Adeola, has revealed plans for the bank to seek a license for a stand-alone Non-Interest Bank (NIB) as soon as possible. Source Daily Trust Read More 

Crude oil: NNPC account in red as petrol landing cost nears N180/litre -The account of the Nigerian National Petroleum Corporation (NNPC) is increasingly over-burdened as the landing cost of Premium Motor Spirit (PMS), otherwise called petrol, has risen following the recent surge in global oil price, analysts have said. Source Daily Trust Read More 

Fuel: We don’t have supply — DAPPMA, IPMAN - The scarcity started in Abuja last week, with fears by many that it would soon spread to Lagos, though the problem had persisted in some other parts of the country. Source Vanguard Read More 

NEITI Says FG has lost over $200bn investment on PIGB delays - The Nigeria Extractive Transparency initiative, (NEITI), says Nigeria has lost investment worth of over $200bn arising from persistent delays in the passage of the Petroleum Industry Governance Bill(PIGB). Source BUSINESSDAY Read More 

Shell Plans $2bn Annual Investment In New Energy Business - Chief executive officer of Royal Dutch Shell, Ben van Beurden, has said the company would be investing between $1-2 billion on annual basis in new energies and buying back at least $25 billion in shares Source Leadership Read More 

Fuel queues return to Lagos, Ogun …NNPC blames hitch on vessels berthing - Long queues of desperate motorists and other users of Premium Motor Spirit returned to many filling stations in Lagos and Ogun states on Saturday and Sunday after a brief relief from the severe scarcity of the product that rocked the country from December to early this month. Source Punch Read More 

ALSCON: FG Signs Renewed Share Purchase Agreement with UC Rusal - The federal government has given official recognition to Messrs UC Rusal, a Russian company, as the core investor of the Aluminium Smelter Company of Nigeria (ALSCON) Ikot Abasi, Akwa Ibom State, following the signing of  the Renewed Share Purchase Agreement between government and the Russian company in Abuja, on Friday. Source Thisday Read More 

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PROSHARE BUSINESS

Women in Finance Nigeria holds 1st Quarterly dinner, honours DMO DG - The Women in Finance Nigeria a leading and strategic group that advocates for women rights and the total financial empowerment of women, hosted its first quarterly dinner in Abuja. Source Proshare Read More 

Open Petition to President Buhari On Clampdown Of Online Journalist(s)  - Being the text of a formal letter from the OPAN Lawyers  in respect of the illegal detention of one of its members via Keyamo Chambers Source Proshare Read More 

World Inequality Grows Amid Glut of New Billionaires, Oxfam Says - The global economy created a record number of billionaires last year, exacerbating inequality amid a weakening of workers’ rights and a corporate push to maximize shareholder returns, charity organization Oxfam International said in a new report. Source Bloomberg Read More 

One of the World's Hottest Stocks Is Now Tumbling - Celltrion Inc., the little-known South Korean biotech company that surged into the ranks of the world’s most-traded stocks at the start of 2018, may finally be coming down to Earth. Source Bloomberg Read More 

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